What's New in Small Business Benefits Plans for 2002

Written by Tony Novak


Continued from page 1
Note thatrepparttar term "no fee" means that there is no setup fee and no administration fee for a 401(k) plan itself. The plan participants may freely elect to place their money in some investments that have their own separate charges. Also, employers or individual plan participants may want to purchase supplemental financial planning services to help make better tax and retirement planning decisions when enrolling in a 401(k) plan. IRS SUBSIDIZES SOME BENEFIT COSTS - The IRS offers a tax credit to low and modest income individuals who make retirement plan contributions. Also, businesses may claim a tax credit forrepparttar 106655 cost of setting up an employee retirement plan and educating employees on how to best utilize it. MAXIMUM COST CAPPED FOR GUARANTEED ISSUE HEALTH PLANS - Most states have enacted laws that caprepparttar 106656 maximum cost of a guaranteed issue small business health plan at 67% more thanrepparttar 106657 cost for standard risks. To be eligible, a business must have a bona-fide payroll as evidenced by a copy of a state unemployment tax return. This can result in substantial savings if an employer with unhealthy members needs to switch health plans. This benefit is currently effective in 37 states. LIBERALIZATION OF RETIREMENT PLANS - You can do more with your pension, 401(k) or IRA than ever before. The contribution limits are higher, loan provisions are easier, and withdrawal & rollover allowances are now more flexible. Whatever you want to do with your retirement plans, most likely there is now an easier way to get it done.

Tony Novak, MBA, MT, is a financial adviser with Freedom Benefits in Narberth, PA who operates “OnlineAdviser", a free service open to the public at www.MedSave.com (health plans), www.freedombenefits.com (retirement plans) and allexperts.com (tax issues). He also moderates the tax discussion group at www.financial-planning.com for professional financial advisers. Telephone (610) 664-8669 Email taxplanner@compuserve.com.




FOCUS

Written by Jean R. Charles


Continued from page 1

Unify your energies. - Put your energy and effort into doing one project at a time. When all of your energies are working inrepparttar same direction, your effectiveness is greatest. Think of light again, when all of its energy is aligned in a single beam aimed at a single target, a laser beam, it can cut through anything.

Simplify your life. Decide what your priorities are and eliminate everything that distracts you. It is not easy and you need to make choices. Don’t allow yourself to get scattered. Know what you want to achieve and organize your life around it. Stephen King is such a prolific writer because he disciplines himself to write 2000 words a day – writing inrepparttar 106654 early mornings. He does nothing else until those 2000 words are done. Stephen King is focused.

When you know exactly what you want and all your efforts are focused on achieving it you will feel alive. You will be alert and invigorated and you will certainly accomplish your goals.

Quotes

“You can focus on what you’re thankful for and become a better person, or you can focus on what you’re disappointed about and become a bitter person.” Mark Goulston (author of Get Out of Your Own Way).

“Your focus is your reality.” Qui Gon Jin (Star Wars I)

Jean coaches professionals and small business owners to discover, design and live their just right lives. Through customized coaching sessions, she provides support, focus, and momentum to keep clients on track and progressing. She can be reached at jean@justrightcoach.com or visited on the web at www.justrightcoach.com. Subscribe to Just Right Coaching Clips newsletter by sending a blank email to justrightcoaching-subscribe@topica.com


    <Back to Page 1
 
ImproveHomeLife.com © 2005
Terms of Use